Many businesses store data on 6 different platforms on average as data continues to double in size, but many of the employees at these companies are not confident in their ability to fully utilise these platforms as data literacy fails to keep up. Executive leaders believe over 50% of their employees are data literate, while only 11% of the employees agree to this and 45% relied on their own instincts rather than data when making decisions.
This data was provided by a recent Qlik data literacy report which surveyed over 1,200 executives and 6,000 employees from all over the world. While it seems employees wish to increase their data literacy, only 27% have actually had formal training with hands-on exercises. Many workers in finance, marketing, sales, and customer service admitted that they needed to improve their data literacy far more than the training that was provided to them and there was a feeling amongst many employees that employers did not feel responsible for delivering this training.
Executives have focused the training on people working in roles that specifically relate to data such as data analyst or scientists (58% received training), and less so for people working in finance (11%), marketing (10%), and sales (9%). This means entire departments and lines of business are behind others in terms of data literacy and this can lead to a reduction in enterprise value. The data suggests enterprises with higher data literacy can have higher enterprise values by up to $534 million. The focus on data literacy will only increase as well, as many company leaders that were surveyed believed new positions such as ‘Chief Metaverse Officer’ and ‘Workplace Environmental Architect’ will be introduced to their businesses within the next decade.
The Qlik report recommends organisations push a data-literate culture using active intelligence systems and embrace continual learning in order to keep pace. They also recommend democratising tools and literacy amongst all employees, promoting trust in the data, and using data for perpetual improvement and positive change within the organisation.
Another report by Red Hat and Starburst found businesses used an average of 4-6 data platforms and up to 12 different data systems. These trends are only projected to continue rising in 2023. As data becomes more spread over different systems, complexity and security risks rise too. Respondents that were surveyed recommended automating IT and data operations, implementing search tools across multiple platforms, and utilising AI and BI platforms to sift data and make recommendations in order to get these data systems to work together.
The volume of data being stored is also significantly increasing as streaming, video, event data, IoT, and image data is being collected on a far greater scale than previously. The survey identified many priorities for accessing real-time data including customer and employee engagement, real-time changes in risk and market shifts, and engagement on mobile applications.
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